The Consumer Financial Protection Bureau filed a lawsuit on 14 January 2025 against Capital One N.A. and its parent, Capital One Financial Corporation, alleging that the bank deceived consumers who held its 360 Savings account by failing to inform them of a separate, higher-yielding product available within the bank's own range. The CFPB contends that the bank maintained the 360 Savings account at low interest rates while simultaneously offering a distinct account, the 360 Performance Savings, that paid higher returns to customers who were aware of its existence and had taken steps to open it.
The bureau's lawsuit alleges violations of consumer protection laws stemming from what it characterises as a deliberate omission: existing 360 Savings account holders were not notified that a better-paying alternative was available within the same institution, leaving them to earn lower returns than they would have received had they been given complete information about their options. The CFPB has filed the action against both the bank subsidiary and the holding company.
THE CORE ALLEGATION: RATE DISPARITY AND NON-DISCLOSURE
At the heart of the CFPB's case is the assertion that a significant rate gap existed between the 360 Savings product and the 360 Performance Savings account, and that Capital One chose not to remedy that gap by proactively notifying existing customers of the higher-rate option. The bureau argues this constituted a failure to deal fairly with consumers who trusted the bank to offer products suited to their financial interests or at least to be transparent about alternatives available within its own product range.
Capital One is yet to respond formally to the complaint in proceedings.